Used car loan rates are pretty high....
02-15-2006, 08:16 AM
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Used car loan rates are pretty high....
Can anyone here get better used car loan rates than 7.39% or whatever they are right now in California?
Trying to take out a loan to pay off my car and purchase another.
Thanks.
Trying to take out a loan to pay off my car and purchase another.
Thanks.
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02-15-2006, 07:49 PM
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Prime went up a few weeks ago and banks are now using a prime rate of 7.5. Auto loans will definitely be affected by this.
Rates also depend on the balance that you owe, so just because a bank says they can do under 6% doesnt mean u can get it if you're loan amount is low. I'm thinking that the minimum balance required for a rate under 6% is about $25k. I definitely may be wrong, but i work at a bank and that is how it works with our pricing scale. It's balanced based pricing, so the more you borrow, the lower the interest rate you'll get.
Rates also depend on the balance that you owe, so just because a bank says they can do under 6% doesnt mean u can get it if you're loan amount is low. I'm thinking that the minimum balance required for a rate under 6% is about $25k. I definitely may be wrong, but i work at a bank and that is how it works with our pricing scale. It's balanced based pricing, so the more you borrow, the lower the interest rate you'll get.
